Bessent’s bond-market victory didn’t last long. US 30y yields are back at 5.27%, wiping out the gains from Treasury’s surprise buyback expansion.
And the selloff is global: UK 5.86%, Japan 4.18%, Germany 3.82%. Message from bond vigilantes: deficits + inflation > intervention. Source: HolgerZ, Bloomberg
When was the last time any Fed chairman raised rates with $8T in USTs (over 25% of US GDP) maturing in <1 year?
Source: Luke Gromen
The gap between the SPX and the inverted US 10-year yield is getting very wide. The obvious question is how far the 10-year can move before it starts spilling over into equities.
Source: TME
Iran war risk is still there
Source: Bloomberg Economics
If today’s crash in AI infrastructure stocks has you worried, zoom out.
Token demand just doubled in a single month. And every additional token requires more: • GPUs • Memory • Interconnects • Power The internet took roughly a decade to reach mainstream adoption. AI usage is now doubling in just four weeks. Source: Michael Sikand
PRESIDENT TRUMP says he's NOT trying to force Iran to the bargaining table and "couldn't care less" if they sign a deal.
"When are the Iranian people going to rise up and fight?" Source: Bull Theory
Of course, there are many questions on whether these earnings are sustainable, circular financing, China competition, etc...
But for now, this bubble looks different than the dot-com one Source: Pictet Asset Management, Refinitiv
GoPro just surged nearly 138% in five days—and action cameras are no longer the main story.
The company plans to merge with optical photonics specialist Starman Optical in a deal valued at approximately $285 million. GoPro shareholders are expected to receive around $1.14 per share in cash while retaining roughly 10% of the combined company. The strategic pivot is dramatic: From consumer cameras to AI data centers, defense, aerospace and government infrastructure. Why does it matter? AI data centers rely on optical transceivers to move enormous volumes of data between thousands of GPUs, servers and storage systems. As AI workloads scale, high-speed connectivity is becoming a critical bottleneck—and a major investment opportunity. Investors are now betting that this transaction could transform GoPro into an AI infrastructure play. The stock jumped 46% in one session and another 78% in premarket trading. A spectacular repricing—but the deal still requires shareholder and regulatory approval. Source: Milk Road AI
